We don't defend any specific level: RBI Guv on depreciating rupee

Reacting to the depreciating value of Indian rupee against the dollar, RBI Governor Sanjay Malhotra said the central bank does not target any specific rupee level "whether 90 or 91". "We intervene only to curb excessive volatility…Our objective is orderly movement, not price targeting," Malhotra said. Over the long term, a depreciation of about 3–3.5% annually is natural, he added.